All Forum Posts by: Mike Lee

What are people's thoughts to this quote I received this morning:

90 sq ft shower wall tile removal/install, 60 sq ft floor tile removal/install, new toilet and new vanity total labor $2400. 

I would stay in Florida. If/when the market turns due to the current economic condition, you will be able to pick up investment properties as a local landlord in FL easier.

@Jim K.  - This wouldn't be my first deal - I have done a few solo. This would potentially be the first deal with a partner.

Thanks everyone for the initial feedback. I will try to reply to all...

@John Teachout  - I do not have to partner ideally, however the idea came up as the potential to purchase larger projects would be possible by partnering. I am debt averse myself as per my original post, which is why my focus to pay off the remaining consumer debt has been priority for me vs. my potential business partner.

@Joseph Cacciapaglia  - Very comfortable making payments, however payments are not something I want to do forever. I also work in an industry that is attached heavily to the stock market, so this year could be a bit of a roller coaster.

@Michael Ablan  - How much more is a bit speculative. If we found a homerun deal, then ideally debt could be wiped out in 90 days. That is a big if.

@Nathan Gesner - Appreciate the thoughts

Ego is the Enemy by Ryan Holiday

Over the past few weeks a good friend of mine and I have discussed the potential of starting to invest in multifamily properties together. Both he and I have dabbled in rentals alone in the past, transitioning former primary residences into buy and hold rentals. At this point, we both have some non real estate debt that is lingering, and have differing views on whether or not we should eliminate that debt before going all-in with RE investing.

If I focused on paying off my non-RE debt, I would be done by the end of this year sometime (November/December 2020 likely). My friend would likely take an extra year (December 2021). Since I can see "the light at the end of the tunnel", 9 months of focus is feasible, however he rather get started investing now, with the notion that if we did 2 flips, he and I could make enough potentially to pay off said debt.

Thoughts/advice welcome.

 I have to agree with Aaron. The more you educate yourself, the clearer you will know the direction you want to go in your RE journey. There are dozens of options as a potential investor we can make, but being well capitalized and well educated will make your leap in much easier.

If you are in a financial position that you can put 20 percent down on a home purchase (investment or primary) AND still have reserves (emergency fund), then you are in good shape. If dropping 20 percent down depletes you of all your cash, you might want to think about another option.

another vote for no on both requests. 

Is anyone having success with student housing in or around the Charlotte area? Curious to see if it's worth prospecting or turning my focus to other areas north and south that have more schools.